Deloitte Ghana is urging the government to adopt a robust, multi-dimensional policy framework to consolidate the recent appreciation of the Ghanaian cedi and secure long-term currency stability.
In a new report titled “Unpacking the Ghana Cedi’s Resurgence,” the financial consultancy firm attributes the cedi’s sharp rebound in 2025 to a mix of sound monetary and fiscal measures, increased exports, and improved investor confidence under Ghana’s International Monetary Fund (IMF) programme.
According to the report, the cedi has appreciated by 44.5% against the U.S. dollar, 33% against the euro, and 35.4% against the British pound, marking a dramatic turnaround from its previous ranking among the world’s worst-performing currencies.
Deloitte credits this recovery to tighter monetary policy by the Bank of Ghana, improved foreign reserves driven by rising gold and cocoa exports, and a more favourable global environment, including a weaker U.S. dollar and higher commodity prices.
However, Deloitte warns that the cedi’s current momentum remains fragile and could easily reverse without sustained policy discipline. The firm is calling on policymakers to take urgent steps to institutionalize reforms that will make the currency gains more durable.
Among the key recommendations, Deloitte stresses the importance of maintaining fiscal prudence. This includes cutting tax exemptions, widening the tax base, and adopting more sustainable debt management practices.
The firm also calls for a shift in Ghana’s export model, from raw commodity dependence to value-added production. This would not only strengthen foreign earnings but also create local jobs and enhance competitiveness.
“Exporting raw commodities perpetuates a cycle of lost value and missed industrial opportunities,” the report said.
“Ghana must invest in processing gold, cocoa, timber, and crude oil while promoting non-traditional exports like ICT services, tourism, and manufactured goods,” it added.
Deloitte further advocated for innovative financial instruments to boost remittance flows and attract long-term foreign direct investment (FDI), particularly from the diaspora. A predictable policy environment, the report notes, is crucial to maintaining investor confidence and sustaining inflows.
However, to reduce pressure on foreign reserves, the firm recommends import substitution policies, especially in agriculture and essential manufacturing. It also emphasises modernising the agricultural sector to increase productivity and reduce food imports.
Another key point in the report is the need to protect the independence of the Bank of Ghana, arguing that, the central bank must be able to carry out transparent and credible market interventions, backed by adequate reserve buffers, to shield the economy from external shocks.
Addressing inefficiencies in the energy sector also features prominently. Deloitte says high energy costs and mounting sector debt continue to undermine industrial growth and investment. “Fixing the energy sector is essential for economic competitiveness,” the report added.
